Industry Overview - As of August 14, the national float glass industry operating rate is 75.34%, remaining stable over the past two weeks, with a capacity utilization rate of 79.78% [1] - Daily production remains at 159,600 tons, which is the highest level this year [1] - The price of float glass raw sheets is experiencing a steady decline, with some manufacturers in East China reducing prices by 2 yuan per weight box, and most manufacturers in Hubei lowering prices by 1-2 yuan per weight box [1] - Inventory levels increased to 63.426 million weight boxes, reflecting a week-on-week increase of 2.55% but a year-on-year decrease of 5.94%, indicating a slowdown in inventory reduction and weak downstream demand [1] Supply and Demand Analysis - According to Donghai Futures, the daily melting volume of glass has decreased week-on-week, while production lines remain unchanged, indicating stable supply conditions [2] - The real estate sector continues to show weakness, leading to limited demand growth, although downstream processing orders have increased slightly in mid-August [2] - Profit margins are declining due to falling glass prices, with profits from natural gas, coal, and petroleum coke as fuel for float glass also decreasing week-on-week [2] - Overall, the glass supply remains stable, but demand is not expected to see significant increases, with prices expected to fluctuate within a range in the short term [2] Market Sentiment - Southwest Futures notes that shipments from companies are slowing down, with prices stabilizing [3] - Continuous monitoring of glass spot trade and regional inventory reduction is necessary [3] - In the medium to long term, attention should be paid to the clearance of capacity from old production lines over ten years old [3] - Short-term market conditions are expected to remain high, but there may be funding disturbances before the month-end, necessitating careful position management [3]
需求难有大的增量 玻璃短期内高空为主
Jin Tou Wang·2025-08-19 08:14